Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Super fees to be more clearly disclosed

ASIC, Superannuation, super fees, retirement savings, retirement planning, wealth management,

Superannuation funds will face tougher regulations around the way they inform their members of their fees from 30 September.

After finding a “significant amount of under-reporting” of fees in the superannuation industry, ASIC has decided to introduce new requirements for funds to better disclose their fees to members.

“The changes will help bring industry-wide consistency to exactly what must be included in the product disclosure statement,” ASIC said.

“And, from later in 2018, the changes will also ensure that the information in PDS and in periodic statements will match more clearly; as a result, consumers will be better able to understand the fees and costs.

Advertisement
Advertisement

“The consistency and more accurate disclosure of fees will also help ensure that funds are competing more fairly.”

The regulator noted that some fees are charged based on the kind of investments being made on the members’ behalf, and that some of the higher returning investments may come with higher charges, but that the new reporting requirements would take this into consideration and make sure members know why those fees are being charged.

Additionally, ASIC said it will undertake compliance checks to make sure funds are meeting their new obligations to their members.

Super fees to be more clearly disclosed
ASIC, Superannuation, super fees, retirement savings, retirement planning, wealth management,
nestegg logo
subscribe to our newsletter sign up
FROM THE WEB
Recommended by Spike Native Network
TRC Unimpressed - Oh Golly Gosh... What will we do with an extra $15.00 per week??? Maybe buy milk or leave the heater or lights on for an extra 10 minutes. How about.......
Anonymous - The staff at the Workplace Gender Equality Agency as at June 2018 was one of the most discriminatory organisations you can imagine- 90% female (2.......
TRC - Not to mention that the Government has made the a SMSF impossible to manage and totally restricts how you finance an investment. Too much RED TAPE.......
Anonymous - The age pension is a subsidy scheme for inheritance of real estate. The pension should be a charge on the estate - and tax free accordingly.....